Today is the 2-year anniversary of the March, 2009 bottom.
Why have stocks been on such a monster tear since then?
It’s not that complicated, really.
The v-shaped recovery in equities is closely echoed by the v-shaped recovery in earnings, as this chart from Citi’s Tobias Levkovich confirms. If earnings continue on their current trajectory, or something close to it, watch for stocks to follow.